24. Subsidiary Guarantees of Debt

The following condensed consolidating financial information is presented in accordance with SEC Regulations S-X Rule 3-10, Financial statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, and comprises two separate and distinct presentations.

For purposes of each presentation of condensed consolidating financial information, the subsidiaries of the company providing the guarantees are referred to as the guarantor subsidiaries, and subsidiaries of the company other than the guarantor subsidiaries are referred to as the non-guarantor subsidiaries. The eliminating adjustments substantively consist of intercompany transactions and the elimination of equity investments and earnings of subsidiaries. Separate financial statements for the guarantor subsidiaries and the non-guarantor subsidiaries are not presented because management has determined that such financial statements are not required.

Guarantees Relating to Shelf Registration Statement

The first presentation of condensed consolidating financial information relates to the Registration Statement on Form S-3 registering debt securities of the company and the full and unconditional, joint and several guarantees of such debt securities by certain 100 percent owned domestic subsidiaries of the company. The following is condensed consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of December 31, 2016 and 2015, and for the three years ended December 31, 2016, 2015 and 2014. The condensed consolidating financial information presented below is not necessarily indicative of the financial position, results of operations, earnings or cash flows of the company or any of the company’s subsidiaries on a stand-alone basis.


	Condensed Consolidating Statement of Earnings
	For the Year Ended December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	4,589	$	4,697	$	(225)	$	9,061

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(3,756)		(3,765)		225		(7,296)
Depreciation and amortization		(5)		(142)		(306)		—		(453)
Selling, general and administrative		(58)		(171)		(283)		—		(512)
Business consolidation and other activities		(577)		(46)		286		—		(337)
Equity in results of subsidiaries		692		459		—		(1,151)		—
Intercompany		345		(245)		(100)		—		—
		397		(3,901)		(4,168)		(926)		(8,598)

Earnings (loss) before interest and taxes		397		688		529		(1,151)		463
Interest expense		(207)		—		(22)		—		(229)
Debt refinancing and other costs		(97)		—		(12)		—		(109)
Total interest expense		(304)		—		(34)		—		(338)
Earnings (loss) before taxes		93		688		495		(1,151)		125
Tax (provision) benefit		170		(67)		23		—		126
Equity in results of affiliates, net of tax		—		—		15		—		15
Net earnings		263		621		533		(1,151)		266
Less net earnings attributable to
noncontrolling interests		—		—		(3)		—		(3)
Net earnings attributable to
Ball Corporation	$	263	$	621	$	530	$	(1,151)	$	263

Comprehensive earnings (loss) attributable to Ball Corporation	$	(38)	$	382	$	262	$	(644)	$	(38)


	Condensed Consolidating Statement of Earnings
	For the Year Ended December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	4,788	$	3,259	$	(50)	$	7,997

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(3,959)		(2,551)		50		(6,460)
Depreciation and amortization		(6)		(132)		(148)		—		(286)
Selling, general and administrative		(80)		(170)		(200)		—		(450)
Business consolidation and other activities		(159)		(18)		(18)		—		(195)
Equity in results of subsidiaries		453		215		—		(668)		—
Intercompany		207		(175)		(32)		—		—
		415		(4,239)		(2,949)		(618)		(7,391)

Earnings (loss) before interest and taxes		415		549		310		(668)		606
Interest expense		(139)		5		(9)		—		(143)
Debt refinancing and other costs		(115)		—		(2)		—		(117)
Total interest expense		(254)		5		(11)		—		(260)
Earnings (loss) before taxes		161		554		299		(668)		346
Tax (provision) benefit		120		(110)		(57)		—		(47)
Equity in results of affiliates, net of tax		—		2		2		—		4
Net earnings		281		446		244		(668)		303
Less net earnings attributable to
noncontrolling interests		—		—		(22)		—		(22)
Net earnings attributable to
Ball Corporation	$	281	$	446	$	222	$	(668)	$	281

Comprehensive earnings (loss) attributable to Ball Corporation	$	163	$	328	$	100	$	(428)	$	163


	Condensed Consolidating Statement of Earnings
	For the Year Ended December 31, 2014
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	5,103	$	3,479	$	(12)	$	8,570

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(4,207)		(2,708)		12		(6,903)
Depreciation and amortization		(6)		(128)		(147)		—		(281)
Selling, general and administrative		(77)		(185)		(204)		—		(466)
Business consolidation and other activities		(11)		(67)		(3)		—		(81)
Equity in results of subsidiaries		470		265		—		(735)		—
Intercompany		254		(216)		(38)		—		—
		630		(4,538)		(3,100)		(723)		(7,731)

Earnings (loss) before interest and taxes		630		565		379		(735)		839
Interest expense		(150)		3		(13)		—		(160)
Debt refinancing and other costs		(33)		—		—		—		(33)
Total interest expense		(183)		3		(13)		—		(193)
Earnings (loss) before taxes		447		568		366		(735)		646
Tax (provision) benefit		23		(99)		(74)		—		(150)
Equity in results of affiliates, net of tax		—		1		1		—		2
Net earnings		470		470		293		(735)		498
Less net earnings attributable to
noncontrolling interests		—		—		(28)		—		(28)
Net earnings attributable to
Ball Corporation	$	470	$	470	$	265	$	(735)	$	470

Comprehensive earnings (loss) attributable to Ball Corporation	$	198	$	210	$	91	$	(301)	$	198


	Condensed Consolidating Balance Sheet
	December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Assets
Current assets
Cash and cash equivalents	$	2	$	(11)	$	606	$	—	$	597
Receivables, net		96		450		945		—		1,491
Intercompany receivables		39		125		963		(1,127)		—
Inventories, net		—		516		897		—		1,413
Other current assets		40		33		79		—		152
Total current assets		177		1,113		3,490		(1,127)		3,653
Noncurrent assets
Property, plant and equipment, net		23		1,087		3,277		—		4,387
Investment in subsidiaries		7,815		2,289		79		(10,183)		—
Goodwill		—		990		4,105		—		5,095
Intangible assets, net		18		76		1,840		—		1,934
Other assets		94		20		990		—		1,104
Total assets	$	8,127	$	5,575	$	13,781	$	(11,310)	$	16,173

Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	141	$	—	$	81	$	—	$	222
Accounts payable		18		771		1,244		—		2,033
Intercompany payables		1,010		52		65		(1,127)		—
Accrued employee costs		25		135		155		—		315
Other current liabilities		138		65		196		—		399
Total current liabilities		1,332		1,023		1,741		(1,127)		2,969
Noncurrent liabilities
Long-term debt		6,337		—		973		—		7,310
Employee benefit obligations		347		440		710		—		1,497
Intercompany long-term notes		(3,142)		178		2,964		—		—
Deferred taxes and other liabilities		(181)		218		819		—		856
Total liabilities		4,693		1,859		7,207		(1,127)		12,632

Common stock		1,038		635		4,426		(5,061)		1,038
Preferred stock		—		—		5		(5)		—
Retained earnings		4,739		3,893		2,589		(6,482)		4,739
Accumulated other comprehensive earnings (loss)		(942)		(812)		(552)		1,365		(941)
Treasury stock, at cost		(1,401)		—		—		—		(1,401)
Total Ball Corporation shareholders' equity		3,434		3,716		6,468		(10,183)		3,435
Noncontrolling interests		—		—		106		—		106
Total shareholders' equity		3,434		3,716		6,574		(10,183)		3,541
Total liabilities and shareholders' equity	$	8,127	$	5,575	$	13,781	$	(11,310)	$	16,173


	Condensed Consolidating Balance Sheet
	December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	219	$	—	$	224
Receivables, net		40		224		621		—		885
Intercompany receivables		137		517		6		(660)		—
Inventories, net		—		516		382		—		898
Other current assets		49		84		44		—		177
Total current assets		231		1,341		1,272		(660)		2,184
Noncurrent assets
Property, plant and equipment, net		14		1,026		1,646		—		2,686
Investment in subsidiaries		3,688		2,135		79		(5,902)		—
Goodwill		—		967		1,210		—		2,177
Intangible assets, net		19		83		93		—		195
Restricted cash		2,154		—		—		—		2,154
Other assets		152		19		130		—		301
Total assets	$	6,258	$	5,571	$	4,430	$	(6,562)	$	9,697

Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	1	$	—	$	76	$	—	$	77
Accounts payable		19		792		690		—		1,501
Intercompany payables		105		1		554		(660)		—
Accrued employee costs		16		133		80		—		229
Other current liabilities		146		60		129		—		335
Total current liabilities		287		986		1,529		(660)		2,142
Noncurrent liabilities
Long-term debt		4,859		—		115		—		4,974
Employee benefit obligations		342		466		339		—		1,147
Intercompany long-term notes		(371)		192		179		—		—
Deferred taxes and other liabilities		(110)		183		100		—		173
Total liabilities		5,007		1,827		2,262		(660)		8,436

Common stock		962		1,042		375		(1,417)		962
Preferred stock		—		—		5		(5)		—
Retained earnings		4,557		3,276		2,062		(5,338)		4,557
Accumulated other comprehensive earnings (loss)		(640)		(574)		(284)		858		(640)
Treasury stock, at cost		(3,628)		—		—		—		(3,628)
Total Ball Corporation shareholders' equity		1,251		3,744		2,158		(5,902)		1,251
Noncontrolling interests		—		—		10		—		10
Total shareholders' equity		1,251		3,744		2,168		(5,902)		1,261
Total liabilities and shareholders' equity	$	6,258	$	5,571	$	4,430	$	(6,562)	$	9,697


	Condensed Consolidating Statement of Cash Flows
	For the Year Ended December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	(1,051)	$	136	$	1,109	$	194


Cash flows from investing activities capital expenditures		(15)		(222)		(369)		(606)
Business acquisition, net of cash acquired		2,303		(36)		(5,646)		(3,379)
Proceeds from dispositions, net of cash sold		1,010		24		1,904		2,938
Decrease in restricted cash		1,966		—		—		1,966
Settlement of Rexam acquisition related derivatives		(252)		—		—		(252)
Other, net		2		4		(1)		5
Cash provided by (used in) investing activities		5,014		(230)		(4,112)		672

Cash flows from financing activities
Long-term borrowings		2,610		—		1,760		4,370
Repayments of long-term borrowings		(1,038)		—		(3,586)		(4,624)
Net change in short-term borrowings		71		—		(48)		23
Proceeds from issuances of common stock		48		—		—		48
Acquisitions of treasury stock		(107)		—		—		(107)
Common dividends		(83)		—		—		(83)
Intercompany		(5,467)		86		5,381		—
Other, net		(2)		(3)		(9)		(14)
Cash provided by (used in) financing activities		(3,968)		83		3,498		(387)

Effect of exchange rate changes on cash		2		—		(108)		(106)

Change in cash and cash equivalents		(3)		(11)		387		373
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	2	$	(11)	$	606	$	597


	Condensed Consolidating Statement of Cash Flows
	For the Year Ended December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	(13)	$	568	$	452	$	1,007

Cash flows from investing activities capital expenditures		(8)		(194)		(326)		(528)
Business acquisition, net of cash acquired		—		(29)		—		(29)
Proceeds from dispositions, net of cash sold		—		—		1		1
Restricted cash, net		(2,183)		—		—		(2,183)
Settlement of Rexam acquisition related derivatives		(16)		—		—		(16)
Other, net		23		8		3		34
Cash provided by (used in) investing activities		(2,184)		(215)		(322)		(2,721)

Cash flows from financing activities
Long-term borrowings		4,509		—		15		4,524
Repayments of long-term borrowings		(2,301)		—		(129)		(2,430)
Net change in short-term borrowings		(2)		(7)		(84)		(93)
Proceeds from issuances of common stock		36		—		—		36
Acquisitions of treasury stock		(136)		—		—		(136)
Common dividends		(72)		—		—		(72)
Intercompany		249		(341)		92		—
Other, net		(73)		(2)		(17)		(92)
Cash provided by (used in) financing activities		2,210		(350)		(123)		1,737

Effect of exchange rate changes on cash		(10)		(3)		23		10

Change in cash and cash equivalents		3		—		30		33
Cash and cash equivalents – beginning of period		2		—		189		191
Cash and cash equivalents – end of period	$	5	$	—	$	219	$	224


	Condensed Consolidating Statement of Cash Flows
	For the Year Ended December 31, 2014
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	68	$	368	$	576	$	1,012

Cash flows from investing activities capital expenditures		(10)		(182)		(199)		(391)
Proceeds from dispositions, net of cash sold		—		—		6		6
Other, net		(8)		(10)		12		(6)
Cash provided by (used in) investing activities		(18)		(192)		(181)		(391)

Cash flows from financing activities
Long-term borrowings		375		—		37		412
Repayments of long-term borrowings		(690)		(1)		(207)		(898)
Net change in short-term borrowings		2		(22)		88		68
Proceeds from issuances of common stock		37		—		—		37
Acquisitions of treasury stock		(397)		—		—		(397)
Common dividends		(73)		—		—		(73)
Intercompany		470		(153)		(317)		—
Other, net		17		—		(12)		5
Cash provided by (used in) financing activities		(259)		(176)		(411)		(846)

Effect of exchange rate changes on cash		(8)		—		8		—

Change in cash and cash equivalents		(217)		—		(8)		(225)
Cash and cash equivalents – beginning of period		219		—		197		416
Cash and cash equivalents – end of period	$	2	$	—	$	189	$	191

Guarantees Relating to Senior Notes

The second presentation of condensed consolidating financial information relates to the existing senior notes issued by the company, and the full and unconditional guarantee of such senior notes on a joint and several basis by certain domestic subsidiaries of the company. Each of the guarantor subsidiaries is 100 percent owned by the company. As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are to be guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company. The following is condensed consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of December 31, 2016 and 2015, and for the three years ended December 31, 2016, 2015 and 2014. The condensed consolidating financial information presented below is not necessarily indicative of the financial position, results of operations, earnings or cash flows of the company or any of the company’s subsidiaries on a stand-alone basis.


	Condensed Consolidating Statement of Earnings
	For the Year Ended December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	4,589	$	4,698	$	(226)	$	9,061

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(3,756)		(3,766)		226		(7,296)
Depreciation and amortization		(5)		(142)		(306)		—		(453)
Selling, general and administrative		(58)		(204)		(250)		—		(512)
Business consolidation and other activities		(577)		(49)		289		—		(337)
Equity in results of subsidiaries		692		503		(33)		(1,162)		—
Intercompany		345		(259)		(86)		—		—
		397		(3,907)		(4,152)		(936)		(8,598)

Earnings (loss) before interest and taxes		397		682		546		(1,162)		463
Interest expense		(207)		—		(22)		—		(229)
Debt refinancing and other costs		(97)		—		(12)		—		(109)
Total interest expense		(304)		—		(34)		—		(338)
Earnings (loss) before taxes		93		682		512		(1,162)		125
Tax (provision) benefit		170		(122)		78		—		126
Equity in results of affiliates, net of tax		—		—		15		—		15
Net earnings		263		560		605		(1,162)		266
Less net earnings attributable to
noncontrolling interests		—		—		(3)		—		(3)
Net earnings attributable to
Ball Corporation	$	263	$	560	$	602	$	(1,162)	$	263

Comprehensive earnings (loss) attributable to Ball Corporation	$	(38)	$	296	$	334	$	(630)	$	(38)


	Condensed Consolidating Statement of Earnings
	For the Year Ended December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	4,788	$	3,259	$	(50)	$	7,997

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(3,959)		(2,551)		50		(6,460)
Depreciation and amortization		(6)		(132)		(148)		—		(286)
Selling, general and administrative		(80)		(170)		(200)		—		(450)
Business consolidation and other activities		(159)		(18)		(18)		—		(195)
Equity in results of subsidiaries		453		215		—		(668)		—
Intercompany		207		(175)		(32)		—		—
		415		(4,239)		(2,949)		(618)		(7,391)

Earnings (loss) before interest and taxes		415		549		310		(668)		606
Interest expense		(139)		5		(9)		—		(143)
Debt refinancing and other costs		(115)		—		(2)		—		(117)
Total interest expense		(254)		5		(11)		—		(260)
Earnings (loss) before taxes		161		554		299		(668)		346
Tax (provision) benefit		120		(110)		(57)		—		(47)
Equity in results of affiliates, net of tax		—		2		2		—		4
Net earnings		281		446		244		(668)		303
Less net earnings attributable to
noncontrolling interests		—		—		(22)		—		(22)
Net earnings attributable to
Ball Corporation	$	281	$	446	$	222	$	(668)	$	281

Comprehensive earnings (loss) attributable to Ball Corporation	$	163	$	328	$	100	$	(428)	$	163


	Condensed Consolidating Statement of Earnings
	For the Year Ended December 31, 2014
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	5,103	$	3,479	$	(12)	$	8,570

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(4,207)		(2,708)		12		(6,903)
Depreciation and amortization		(6)		(128)		(147)		—		(281)
Selling, general and administrative		(77)		(185)		(204)		—		(466)
Business consolidation and other activities		(11)		(67)		(3)		—		(81)
Equity in results of subsidiaries		470		265		—		(735)		—
Intercompany		254		(216)		(38)		—		—
		630		(4,538)		(3,100)		(723)		(7,731)

Earnings (loss) before interest and taxes		630		565		379		(735)		839
Interest expense		(150)		3		(13)		—		(160)
Debt refinancing and other costs		(33)		—		—		—		(33)
Total interest expense		(183)		3		(13)		—		(193)
Earnings (loss) before taxes		447		568		366		(735)		646
Tax (provision) benefit		23		(99)		(74)		—		(150)
Equity in results of affiliates, net of tax		—		1		1		—		2
Net earnings		470		470		293		(735)		498
Less net earnings attributable to
noncontrolling interests		—		—		(28)		—		(28)
Net earnings attributable to
Ball Corporation	$	470	$	470	$	265	$	(735)	$	470

Comprehensive earnings (loss) attributable to Ball Corporation	$	198	$	210	$	91	$	(301)	$	198


	Condensed Consolidating Balance Sheet
	December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Assets
Current assets
Cash and cash equivalents	$	2	$	(11)	$	606	$	—	$	597
Receivables, net		96		450		945		—		1,491
Intercompany receivables		39		467		963		(1,469)		—
Inventories, net		—		516		897		—		1,413
Other current assets		40		39		73		—		152
Total current assets		177		1,461		3,484		(1,469)		3,653
Noncurrent assets
Property, plant and equipment, net		23		1,087		3,277		—		4,387
Investment in subsidiaries		7,815		4,291		423		(12,529)		—
Goodwill		—		985		4,110		—		5,095
Intangible assets, net		18		76		1,840		—		1,934
Other assets		94		306		704		—		1,104
Total assets	$	8,127	$	8,206	$	13,838	$	(13,998)	$	16,173

Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	141	$	—	$	81	$	—	$	222
Accounts payable		18		772		1,243		—		2,033
Intercompany payables		1,010		53		408		(1,471)		—
Accrued employee costs		25		152		138		—		315
Other current liabilities		138		69		192		—		399
Total current liabilities		1,332		1,046		2,062		(1,471)		2,969
Noncurrent liabilities
Long-term debt		6,337		—		973		—		7,310
Employee benefit obligations		347		760		390		—		1,497
Intercompany long-term notes		(3,142)		2,018		1,122		2		—
Deferred taxes and other liabilities		(181)		267		770		—		856
Total liabilities		4,693		4,091		5,317		(1,469)		12,632

Common stock		1,038		1,120		6,301		(7,421)		1,038
Preferred stock		—		—		5		(5)		—
Retained earnings		4,739		3,832		2,661		(6,493)		4,739
Accumulated other comprehensive earnings (loss)		(942)		(837)		(552)		1,390		(941)
Treasury stock, at cost		(1,401)		—		—		—		(1,401)
Total Ball Corporation shareholders' equity		3,434		4,115		8,415		(12,529)		3,435
Noncontrolling interests		—		—		106		—		106
Total shareholders' equity		3,434		4,115		8,521		(12,529)		3,541
Total liabilities and shareholders' equity	$	8,127	$	8,206	$	13,838	$	(13,998)	$	16,173


	Condensed Consolidating Balance Sheet
	December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	219	$	—	$	224
Receivables, net		40		224		621		—		885
Intercompany receivables		137		517		6		(660)		—
Inventories, net		—		516		382		—		898
Other current assets		49		84		44		—		177
Total current assets		231		1,341		1,272		(660)		2,184
Noncurrent assets
Property, plant and equipment, net		14		1,026		1,646		—		2,686
Investment in subsidiaries		3,688		2,135		79		(5,902)		—
Goodwill		—		967		1,210		—		2,177
Intangible assets, net		19		83		93		—		195
Restricted cash		2,154		—		—		—		2,154
Other assets		152		19		130		—		301
Total assets	$	6,258	$	5,571	$	4,430	$	(6,562)	$	9,697

Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	1	$	—	$	76	$	—	$	77
Accounts payable		19		792		690		—		1,501
Intercompany payables		105		1		554		(660)		—
Accrued employee costs		16		133		80		—		229
Other current liabilities		146		60		129		—		335
Total current liabilities		287		986		1,529		(660)		2,142
Noncurrent liabilities
Long-term debt		4,859		—		115		—		4,974
Employee benefit obligations		342		466		339		—		1,147
Intercompany long-term notes		(371)		192		179		—		—
Deferred taxes and other liabilities		(110)		183		100		—		173
Total liabilities		5,007		1,827		2,262		(660)		8,436

Common stock		962		1,042		375		(1,417)		962
Preferred stock		—		—		5		(5)		—
Retained earnings		4,557		3,276		2,062		(5,338)		4,557
Accumulated other comprehensive earnings (loss)		(640)		(574)		(284)		858		(640)
Treasury stock, at cost		(3,628)		—		—		—		(3,628)
Total Ball Corporation shareholders' equity		1,251		3,744		2,158		(5,902)		1,251
Noncontrolling interests		—		—		10		—		10
Total shareholders' equity		1,251		3,744		2,168		(5,902)		1,261
Total liabilities and shareholders' equity	$	6,258	$	5,571	$	4,430	$	(6,562)	$	9,697


	Condensed Consolidating Statement of Cash Flows
	For the Year Ended December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	(1,051)	$	85	$	1,160	$	194


Cash flows from investing activities capital expenditures		(15)		(222)		(369)		(606)
Business acquisition, net of cash acquired		2,303		29		(5,711)		(3,379)
Proceeds from dispositions, net of cash sold		1,010		24		1,904		2,938
Decrease in restricted cash		1,966		—		—		1,966
Settlement of Rexam acquisition related derivatives		(252)		—		—		(252)
Other, net		2		4		(1)		5
Cash provided by (used in) investing activities		5,014		(165)		(4,177)		672

Cash flows from financing activities
Long-term borrowings		2,610		—		1,760		4,370
Repayments of long-term borrowings		(1,038)		—		(3,586)		(4,624)
Net change in short-term borrowings		71		(29)		(19)		23
Proceeds from issuances of common stock		48		—		—		48
Acquisitions of treasury stock		(107)		—		—		(107)
Common dividends		(83)		—		—		(83)
Intercompany		(5,467)		98		5,369		—
Other, net		(2)		(3)		(9)		(14)
Cash provided by (used in) financing activities		(3,968)		66		3,515		(387)

Effect of exchange rate changes on cash		2		3		(111)		(106)

Change in cash and cash equivalents		(3)		(11)		387		373
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	2	$	(11)	$	606	$	597


	Condensed Consolidating Statement of Cash Flows
	For the Year Ended December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	(13)	$	568	$	452	$	1,007

Cash flows from investing activities capital expenditures		(8)		(194)		(326)		(528)
Business acquisition, net of cash acquired		—		(29)		—		(29)
Proceeds from dispositions, net of cash sold		—		—		1		1
Restricted cash, net		(2,183)		—		—		(2,183)
Settlement of Rexam acquisition related derivatives		(16)		—		—		(16)
Other, net		23		8		3		34
Cash provided by (used in) investing activities		(2,184)		(215)		(322)		(2,721)

Cash flows from financing activities
Long-term borrowings		4,509		—		15		4,524
Repayments of long-term borrowings		(2,301)		—		(129)		(2,430)
Net change in short-term borrowings		(2)		(7)		(84)		(93)
Proceeds from issuances of common stock		36		—		—		36
Acquisitions of treasury stock		(136)		—		—		(136)
Common dividends		(72)		—		—		(72)
Intercompany		249		(341)		92		—
Other, net		(73)		(2)		(17)		(92)
Cash provided by (used in) financing activities		2,210		(350)		(123)		1,737

Effect of exchange rate changes on cash		(10)		(3)		23		10

Change in cash and cash equivalents		3		—		30		33
Cash and cash equivalents – beginning of period		2		—		189		191
Cash and cash equivalents – end of period	$	5	$	—	$	219	$	224


	Condensed Consolidating Statement of Cash Flows
	For the Year Ended December 31, 2014
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	68	$	368	$	576	$	1,012

Cash flows from investing activities capital expenditures		(10)		(182)		(199)		(391)
Proceeds from dispositions, net of cash sold		—		—		6		6
Other, net		(8)		(10)		12		(6)
Cash provided by (used in) investing activities		(18)		(192)		(181)		(391)

Cash flows from financing activities
Long-term borrowings		375		—		37		412
Repayments of long-term borrowings		(690)		(1)		(207)		(898)
Net change in short-term borrowings		2		(22)		88		68
Proceeds from issuances of common stock		37		—		—		37
Acquisitions of treasury stock		(397)		—		—		(397)
Common dividends		(73)		—		—		(73)
Intercompany		470		(153)		(317)		—
Other, net		17		—		(12)		5
Cash provided by (used in) financing activities		(259)		(176)		(411)		(846)

Effect of exchange rate changes on cash		(8)		—		8		—

Change in cash and cash equivalents		(217)		—		(8)		(225)
Cash and cash equivalents – beginning of period		219		—		197		416
Cash and cash equivalents – end of period	$	2	$	—	$	189	$	191